Spelling depending on whether British or American English is required, of course.

Although of course "aula" is the word for a teaching room or lecture room, I get a clear sense from the descriptions of these "Aulas" in University of Cadiz sites that when it says "un espacio universitario permanente" (see the page Helena has cited on the Aula del Estrecho), it doesn't mean a physical space, but rather an area of teaching and research activity with its own identity. The same is true in the following case:

"El Aula Universitaria Iberoamericana es un espacio universitario permanente donde llevar a cabo todas aquellas actividades de nivel superior encaminadas a fortalecer las relaciones entre países de Iberoamérica, que se constituye asimismo en un foro de discusión sobre aquellos aspectos que unen a nuestras sociedades y sobre aquellas cuestiones que nos separan, y que pretende ser el germen de actividades de diversa naturaleza que puedan contribuir a nuestro desarrollo y colaboración mutua. [...]
La oferta del Aula puede agruparse en una serie de áreas interrelacionadas entre si, que pretenden constituirse como un catálogo completo al servicio de los objetivos y principios que nos definen.
Congresos, Jornadas y Seminarios.
Estudios de Posgrado.
Proyectos de Investigación y de Cooperación.
Programas de Intercambio.
Publicaciones."
http://www.aulaiberoamericana.es/es/aula-universitaria-ibero...

This can't be referring to a room. In British universities, and I think American ones too, it would be called a "centre". Typically these "centres" (or "centers") are interdisciplinary, with staff from various departments whose research interests overlap, and they organise lectures and seminars, publications and postgraduate study. An example, chosen at random, is the Centre for Humanities and Health at Kings College, London:
http://www.kcl.ac.uk/artshums/ahri/centres/chh/about/index.a...

But there are a great many of these things in universities these days and I think they are similar in nature to these "Aulas" at Cadiz. I would suggest leaving the Spanish name and adding an English translation in parentheses, using "Centre" (perhaps "Straits of Gibraltar Centre" for example).